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#BizTrends2019: The digitalisation of payment providers in 2019
Corrie Bakker, Head of Business Development & Strategy - Africa at PayU EMEA
In using PayU as a single integration partner, global or continental enterprises gain the benefit of being abstracted away from any payment method's integration complexity. PayU becomes the one point of contact for queries and error resolution regardless of payment method used.
We chat to Corrie Bakker, head of strategy and business development for Africa at PayU, to find out about what we can expect in the payment provider front in 2019.
I sense that regulatory bodies have begun to really acknowledge and start to catch-up on regulatory paths, and the terms around fintech – especially digitalisation of financial services, crypto and security. We will also see the transition of offline - such as POS and cash collection points - into online, mainly driven by retailers and banks and we can naturally expect some more disruptive offerings.
No, but the commercialisation of disruptive technology might be more of a focus point - once again the areas of digitalisation of financial services, crypto and security. Biometrics should also start playing a bigger role with respect to that. We will also start seeing an interlink of services cross-border in Africa, including exchange, remittance and cross-border settlement.
The Fourth Industrial Revolution isn't the future - it's the present...
Adrian van der Merwe 16 Jan 2019
There is great momentum in the technology development of POS devices like YOCO, mobile stokvels and Celbux that can now become stored value and disburse financial services – digital credit, insurance and loyalty.
The continuing move of digital online usage outgrowing traditional offline.
Retailers becoming digital banks.
The most difficult to adopt, I would propose, is crypto because of the regulatory turnaround times and trust issues, and the easiest would be security and consumer data protection
PayU, in general, is ready and following global trends with some tendency to localise and drive these trends in a country - if the opportunity is there, either through partnership, investment, acquisition or driving local adoption of existing service offerings.
What advice do you have for the industry in planning for 2019?
It's important to be able to scale, create partnerships, be adept at regulatory compliance and re-use capability across multiple regions. In Africa, these factors are going to be key to make Africa the next frontier for global entrants.